A few weeks ago I spent seven nights in Tenerife in a four star hotel at Las Caletillas, flying from Sevilla. We had an ALL INCLUSIVE regime, so I was in Heaven, wandering from sun lounger
to bar and back and this magical green plastic bracelet was my passport to happiness,
as nobody would take any money from me!
Good food, entertainment etc and the cost for everything was just 52.000 Pts for the week. So bargains are there if you look hard enough. Try searching with words like viaje, tenerife, ofertas, ultima hora etc.
Try registering with agencies like iltrida.com who will send you a weekly bulletin of offers. I think I booked mine through solplan.es Good luck!
PS I've still got the green bracelet and keep trying in the bars where I live but nobody has accepted it yet and I've been arrested on several occasions for walking away from the bar without paying